Correlation Between Kingold Jewelry and Tiffany
Can any of the company-specific risk be diversified away by investing in both Kingold Jewelry and Tiffany at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Kingold Jewelry and Tiffany into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kingold Jewelry and Tiffany Co, you can compare the effects of market volatilities on Kingold Jewelry and Tiffany and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Kingold Jewelry with a short position of Tiffany. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingold Jewelry and Tiffany.
Diversification Opportunities for Kingold Jewelry and Tiffany
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kingold and Tiffany is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kingold Jewelry and Tiffany Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiffany and Kingold Jewelry is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Kingold Jewelry are associated (or correlated) with Tiffany. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiffany has no effect on the direction of Kingold Jewelry i.e., Kingold Jewelry and Tiffany go up and down completely randomly.
Pair Corralation between Kingold Jewelry and Tiffany
If you would invest (100.00) in Tiffany Co on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Tiffany Co or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kingold Jewelry vs. Tiffany Co
Performance |
| Timeline |
| Kingold Jewelry |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Tiffany |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kingold Jewelry and Tiffany Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingold Jewelry and Tiffany
The main advantage of trading using opposite Kingold Jewelry and Tiffany positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingold Jewelry position performs unexpectedly, Tiffany can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Tiffany will offset losses from the drop in Tiffany's long position.| Kingold Jewelry vs. Emerson Radio | Kingold Jewelry vs. Teleflex Incorporated | Kingold Jewelry vs. Cardinal Health | Kingold Jewelry vs. Playa Hotels Resorts |
| Tiffany vs. Eastern Co | Tiffany vs. Skechers USA | Tiffany vs. Luxfer Holdings PLC | Tiffany vs. Avient Corp |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Global Correlations module to find global opportunities by holding instruments from different markets.
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